To link to the entire object, paste this link in email, IM or documentTo embed the entire object, paste this HTML in websiteTo link to this page, paste this link in email, IM or documentTo embed this page, paste this HTML in website

the north-carolina chronicle ; or faycttcville gazette vol 1.3 monday mav 31 1790 kumb 38 proceedings cf congrefs a rpfolution tantamount to that inlcrted above of nov i 7r4 every tiling that came into the treafury was debited from feb 1781 to nov 1784 and a qourited 108,177,431 72 joths dollars ; and all the payments made during die laid period wire 8,155^.03 dollars ; which left a halluncc in die treaufury on iiik ill of nov 1784 of 22,026 72 gotlis dollars tlichoui'e then adjourned until iz o'clock to-morrow wednesday march 10 . the report of the secretary at war on the petition of col john ely for extra cervices as pbyfician c was read which was in favour of the petitioner after lome deliberation it was agreed to refer this report c to the ielecl committee the order of the day was then called for and the houie went into a commit tee on the secretary report the fir(t al ternative undo the 6th refolutibn being under confederation the queftion before the houfe was to hike out the words " 20 per acre iird to lul)llitiiti in lieu thereof mr p.ondinot's pi opofuionof yeilerday with mr tucker's amendment mr sherman thought it would be good policy to lerfen the debt by paying off the principal he was for purfuing the mode pointed out in the secretary's report he wifhed that the secretary had alfo reported a mode of felling the lands and feemed defirous to writ for it mr boudtnot faid he was confident if the weftern territory was to be fet off as n payment for one third of the deb fitch t meafure would produce the cvi confeqnences he had mentioned ye fterday if wepafa iliir resolution we never can fell a large traft of land he was for pledging the land to iink the public dc!-.r by all means mr.fit/.fimons laid the creditor we e not forced to take this or that alterna tive but were left at their own option which of the alternatives to accede to but with rtfpccl to mr bmidinnt's pro pofid it was worfe than any c^i thoic of the secretary : this he aid was eafily proved from a comparifon qf the two cafes which he then hated and drew a conclufion that the propofal mentioned by the secretary fa*s the mor elfgiblc mr boudinot was of.a ilift'creni opi nion he n(keit which mode w'ou,ld befl anfwer the end propofed ? if we keep the lands in oar own hands and fell them out in large parcels thier value will incrc.if 1 more than if they were brought to market by fo mÂ£ny fellers thcie would be rnoje fellers than buy crs they will l>t reduced to 4 or 5 cents per acre inf-cad i so cents and who will give 2c c cuts ih;u can pur chafe tit 5 i'pi.n the whole he thjought his propolition moil elegible mr hartley agreed wit mr boudf n.ot in the general principles lie thought many difficulties would arife from reduction ofintcrcd nr.d the paying one-third in lands , he willied a claiife similar to that propofed by mt boiidi not rnighi yj inierted ; othcrwifehe was p.ppreliimifiv that ih.f government would lay itfelf to a charge of duplicity mr sherman aid a few words againft the amendment ; and mr amesrofek eppofe it upon viuioiio grounds he faid liewa in favour of making an oflef of the we km lands foreigners will have a more equitable option and the credit of the t'nitcd sates will be bene fited by retaining the prbp'ofitibn of the secretary at the dirretent propo fitions were modifications ; one was rt:n<le irredeemable for a part of the debt whilft the remaining part was poll poned he tl^ought mr bbudihot's propofition u abandonment of the principles laid down by the secretarj ; it was a defalcation to put 1 it the enc third for ten years ir carried a departure frbni tl:e prin ciples upon ilje very face of it which the jlou'fe would not agree to ; for it would m.ike the unfunded d-hr nearly z p:iilieas ci dollars at ihc expiiatioft of io years : whereas by the secret ry's pirn the unfunded debts would not make more than ic niilli'm of dollars it would be absorbing of d;:bt at 50 per cent for ihe unfunded debt will grow upon compoundlinereli which v ill hold out an advantage that will make it bear as high a market price as the lu:,ded debf upon the whole he laid that by mr boudinot's propofition the debt would be at the end of 10 years increale . â– 35 millions of dollars : an tiien nfked whether it was not an ineligible plan to fet 35 millions of a new debt afloat for the peculators to v ork upon ; would it not overload the mai ket and reduce the price ? if therefore fuch a mode be tint beneficial to either the cre , ditors or the nation why adept it .' he hoped it vould not be atu j ted mr boudinot anfwered mr ames and declared rhat his calculations i ad no belter limilitude than if he had cirn pared the debt ol great-britain to the pnlent c Â« we eve a certain j'um lay about niillions or upwards io millions might be iaid to be about < ne third he meant to pay jhe creditors two-thirds and to fatisfy them lor the other third at the ex pii alin r \ & y ms with full imerelt how the gcmlernr.n can make 10 millions to equal 22 miuv hobs is extraordinary ii deed lie thought the alternative propofed by tlie secretary fuch us none would be found to accept of it but fuch as wan ted to turn it immediately into money he hadh'ranl the opinion p'f the public and he believed that this alternative vat looked nponnn bei;er than a rr'eid de ception he therefore adhered to li pronofitioni which he believed would jultify liim in declaring ;' at it wmld fink the public debt tiuee>times ns fail as the other ; ard although be nei lived he w?,ot opinion that gentlemen would return to it or fon cthirg fimtlar mr l,aw 1 encefaidtbat the ptntlerraa mr boudipot hadcalittl the debt 27 millions ; but he had omitted the ii â€¢< arc of interell which made it an.o nt to more , he then contemplated th piol ptdl of tin ini..rcli of n oney ii in the uni ed stales agreeably t th â– se cretary s idea fo th'at in lefs than he time mentioned by mr boudinot inclu ding the aftumption c iriight be re duced to 65 millions of dollars he was againflmr ijoudinot's propofition the queliii n being put upon mr boudinot's propofitionj was negatived by a great majority . the qucftion was then put upon the rrain proposition or ill altertwtivt without any amehdmefit which wat agreed toby a confid'erable majority 7/-iir/;hn march 1 1 . in committee of the whole rn the re r>ort of the secretary of the trcafuryj fi r m.ikirg provifibu for the liippoit c tlie public cii ilit , the following prbpoiitioh was l-.en read,viz â€” tohavethe ychi le fuin fund ed ait an annuity or yearly itiieieft ci 4 per cent irredeemable by any payment exceeding five dollars per annum on account both of principal and intereft ; and to receive a ccir.pcr.fatii n fi 1 the reduflion bfinterelt fifteen dollars and eighty cents payable in lar.js as in the preceiiing cafe the debate turned principally on />- yedieviahlc quality pi r jx ied in this alter native al'tct a lengthy difcufltoh the prt po fitinn was negatived the next pnipofilion was then rc:id and further debute enfiied . tbi ri rr initlec e,witl.c:tit cc!<:ingto a decilion on a motion n ;â– ..â€¢)'.â€¢ by mr jackfon to ftrlke out what relates toirredcemability in tliis alternative a lecond memorial from george scriba refpecting apuichafe of lands iff the weftern territory was tead nlr tiuiubull brought in a bill for malting a compehfatiun t col jthh ely for his fei vices as a furgeori tdthc late army 01 the united jhalcs which was read adj'-uruetu ' here the chairman of the enmrnittee laid that mr tucker's mnrion was out of order and a coniiderable altercation eni'ued between feveralof the members but it was at length detciniined in fa vour of the chair mr boudinot then rcaftumcd lus ar guments in favour of the proportion he had inade v.'hi<;li was oppoi'ed by mr fitzfimons mr lee faid that nnlcfs the word vereflruck out of the refolution which propofed a lefs interefl ihan fix percent it would be aconfcllion that the united states arc not aide to pay at fix per cent and in fad be a declaration of rouse of representatives tuefd.iy march 9 the ajud/jition of the late debts under con jlieration th e fifth refdution was then read viz " r'.-i'olved that it is advifame to endeavour to effeit a new modification oi the jomeftic debt including that of the particular itates with he voluntary conient ol the creditors by a loan upon term mutually bcneiici.il to them and to the united states mr bland laid he was not for going about the bulli but wilhej to come to the point at oncey he wilhed to elicit this loan on terms constitutional with the faith of the united states is pledg ed to creditors it would if agreed to be advantageous to the unite j stages becaufe it would multiply ipecie and realize property in the fund ho there fore moved lor an amendment or ra ther a luhititute to the above relblution but upon mr fit/.iimons explaining that mr 151 and 5 proportion would conje forward with more propriety at a future rtag of the buiinefs mr tildiid wiihdrew it bankruptcy mr boudinot fliil defended his pro polition and wilhed that fome better al ternative might be cffeied than that of the fecretafj s mr ames and mr sherman oppofed mr boudinot ; and mr tucker called for the refolution to be read with mr boudinot's amendment to which he propoied an amenhment viz " 7a't fitch cj'tificahs be received as jpcrx in all payment of lueflern lauds he then obftrved that 20 cents per acre was too high a valuation mr stone laid a few words refueling a land office ; and mr fitzfimons ob ferved thai mr boudinot's prcpofitinn was a clillinft one and might come in as another alternative the fifth refolution was then agreed to by the houfe without debate or di vtqon the iixth refolution was next read iz mr b'ludinot laid he was not very pertinacious nor did he wifll to embai lafs meafures " rcfolvsd that for the purpofe ei prcllc in the lal preceding i dilution fubfbfiptions towards a loan ought to be opened to the amount of the laid do xneftic debt including that of therefpec tivc lites upon the terms following tiz mr smith s c thought it would be bed to add mr boudinol's propofiti on as an alternative mr scott next rofc we are come to die point at lair faid he ; it va firft argued l>v fome gentlemen that land w.is not at its equivalent value but he contended that it was now at its value in market there were fundrv appli caiions before the houfc for lands and oilers or pine millions of acres the obftaclr iich had been mcnti"ned by mr boudinot refpedting titles was not veil founded ; every land purchafcr know how to fecure good titles he reprobated the method which had been adopted by the old congrefs of having the lar.ds furveyed at the expence oi go vernment before fale : arc we laid he to keep the public debts hanging about out necks for ever ? we are told that the wcllern country may hereafter be come the centre of government : the propofals already made lew that the lands are valuable ; and if propofals con tinued as n'pklly as they appeared to indicate we flibuld fo'onbe able to pay oil the whole debts of the united state mr boudinot till contended that by bringing too much into murker the va lue would be depreciated : but mr scott f;ml that it was now at its value and il we wait until it rifes,we may never be able to fell he contemplated with pleafurej the profprcl of getting lie jone-tpird of'the debtexiinguiflied with out taking a farthing out of any man's pocket the wildernefs aid lie will pay our debts he concluded by nflert ing t hat v lien the houfe confidercd theft things he was convinced they would reject the piopolition of the gentleman from rew-jerfey on motion of mr fitz.fimons the committee rofe *\ that for every hundred clolhrs fubtcnbed payable in the faid debt as well intereft as principal ti-ie fubferiber be entitled at his option either " to have two-thirds funded at an annuity or yearly iniereft of fix per cent redeemable at the plcafiirc of go vernment by payment of the principal ; and to receive the other third in lands of the weftern territory a the rate of twcn'.y cents per acre or - tliice other alternatives alfo make apart of the lixth refolution ; but the houfe appeared to lake the fin'l alterna tive feparatcly under confideration when mr boudinot rofe and oppofed it as leing a mealure which would gre uly injure the value oi land he mated feveral objcaionr and faid it would have l>cen more fyllcmatic to have ap pointed a board of con:mi(licners to dif pnfe of the weftern tcni'.oiy the pro duce whereof would anfsver better in discharging c di.!its than any other medium he therefore propoied to fubltttute a refolution in place of the firll alternative to wit " that four per cent be funded and tlie remainir g two percent be paid by a cenitfeate pay able in ten years and bearing an inte rest of fix per cent which certificate rnight ealily be redeemed with the pro duct of thefalcs of the wcilrrn territory mr hartley feconded mr boudinot's motion mr tucker objcflcj lo the fifth refn lutlohi and every iiibfequcnt one he faid that the ecretary of the treafury in making tliis propofal had materially departed from the honourable princi ples laid down in the beginning of his report he thought it would be better *â€¢ to h;ive flic li part of the debt as the reiburdes of the country would permit funded at the intereft of fix percent per annum if land faid he be a juft equivalent to pay one-third furely land is as juft an equivalent to pay the vhole the alternative prcpofed he thought altogether inconflftent with corr.nion juilice and therefore moved to flrike opt all the words in tlie propo iiiiun alter " option and lo fubftitute the report of jnfcpli nburfe rcpfier of the treafury of the united states on the memorial of robert mori is l.itci'u perintendant of finance was read get ting forth that he had made inquiry iiiin the cafe and be had found that the accounts of the faid robert morris had been regularly regillred and fettled fomc time paft a-printed ftatcmeni 1m ocen deliver ed ind proper invefligajion already made out which render it unncceftary lor congrefs to order any commifiloners on the bufinefs or create any new expenfe the faid accounts were doled the iit

The SA of NC considers this item in the public domain by U.S. law but responsibility for permissions rests with researchers.

Language

eng

FullText

the north-carolina chronicle ; or faycttcville gazette vol 1.3 monday mav 31 1790 kumb 38 proceedings cf congrefs a rpfolution tantamount to that inlcrted above of nov i 7r4 every tiling that came into the treafury was debited from feb 1781 to nov 1784 and a qourited 108,177,431 72 joths dollars ; and all the payments made during die laid period wire 8,155^.03 dollars ; which left a halluncc in die treaufury on iiik ill of nov 1784 of 22,026 72 gotlis dollars tlichoui'e then adjourned until iz o'clock to-morrow wednesday march 10 . the report of the secretary at war on the petition of col john ely for extra cervices as pbyfician c was read which was in favour of the petitioner after lome deliberation it was agreed to refer this report c to the ielecl committee the order of the day was then called for and the houie went into a commit tee on the secretary report the fir(t al ternative undo the 6th refolutibn being under confederation the queftion before the houfe was to hike out the words " 20 per acre iird to lul)llitiiti in lieu thereof mr p.ondinot's pi opofuionof yeilerday with mr tucker's amendment mr sherman thought it would be good policy to lerfen the debt by paying off the principal he was for purfuing the mode pointed out in the secretary's report he wifhed that the secretary had alfo reported a mode of felling the lands and feemed defirous to writ for it mr boudtnot faid he was confident if the weftern territory was to be fet off as n payment for one third of the deb fitch t meafure would produce the cvi confeqnences he had mentioned ye fterday if wepafa iliir resolution we never can fell a large traft of land he was for pledging the land to iink the public dc!-.r by all means mr.fit/.fimons laid the creditor we e not forced to take this or that alterna tive but were left at their own option which of the alternatives to accede to but with rtfpccl to mr bmidinnt's pro pofid it was worfe than any c^i thoic of the secretary : this he aid was eafily proved from a comparifon qf the two cafes which he then hated and drew a conclufion that the propofal mentioned by the secretary fa*s the mor elfgiblc mr boudinot was of.a ilift'creni opi nion he n(keit which mode w'ou,ld befl anfwer the end propofed ? if we keep the lands in oar own hands and fell them out in large parcels thier value will incrc.if 1 more than if they were brought to market by fo mÂ£ny fellers thcie would be rnoje fellers than buy crs they will l>t reduced to 4 or 5 cents per acre inf-cad i so cents and who will give 2c c cuts ih;u can pur chafe tit 5 i'pi.n the whole he thjought his propolition moil elegible mr hartley agreed wit mr boudf n.ot in the general principles lie thought many difficulties would arife from reduction ofintcrcd nr.d the paying one-third in lands , he willied a claiife similar to that propofed by mt boiidi not rnighi yj inierted ; othcrwifehe was p.ppreliimifiv that ih.f government would lay itfelf to a charge of duplicity mr sherman aid a few words againft the amendment ; and mr amesrofek eppofe it upon viuioiio grounds he faid liewa in favour of making an oflef of the we km lands foreigners will have a more equitable option and the credit of the t'nitcd sates will be bene fited by retaining the prbp'ofitibn of the secretary at the dirretent propo fitions were modifications ; one was rt:ntimes ns fail as the other ; ard although be nei lived he w?,ot opinion that gentlemen would return to it or fon cthirg fimtlar mr l,aw 1 encefaidtbat the ptntlerraa mr boudipot hadcalittl the debt 27 millions ; but he had omitted the ii â€¢< arc of interell which made it an.o nt to more , he then contemplated th piol ptdl of tin ini..rcli of n oney ii in the uni ed stales agreeably t th â– se cretary s idea fo th'at in lefs than he time mentioned by mr boudinot inclu ding the aftumption c iriight be re duced to 65 millions of dollars he was againflmr ijoudinot's propofition the queliii n being put upon mr boudinot's propofitionj was negatived by a great majority . the qucftion was then put upon the rrain proposition or ill altertwtivt without any amehdmefit which wat agreed toby a confid'erable majority 7/-iir/;hn march 1 1 . in committee of the whole rn the re r>ort of the secretary of the trcafuryj fi r m.ikirg provifibu for the liippoit c tlie public cii ilit , the following prbpoiitioh was l-.en read,viz â€” tohavethe ychi le fuin fund ed ait an annuity or yearly itiieieft ci 4 per cent irredeemable by any payment exceeding five dollars per annum on account both of principal and intereft ; and to receive a ccir.pcr.fatii n fi 1 the reduflion bfinterelt fifteen dollars and eighty cents payable in lar.js as in the preceiiing cafe the debate turned principally on />- yedieviahlc quality pi r jx ied in this alter native al'tct a lengthy difcufltoh the prt po fitinn was negatived the next pnipofilion was then rc:id and further debute enfiied . tbi ri rr initlec e,witl.c:tit cc!v fome gentlemen that land w.is not at its equivalent value but he contended that it was now at its value in market there were fundrv appli caiions before the houfc for lands and oilers or pine millions of acres the obftaclr iich had been mcnti"ned by mr boudinot refpedting titles was not veil founded ; every land purchafcr know how to fecure good titles he reprobated the method which had been adopted by the old congrefs of having the lar.ds furveyed at the expence oi go vernment before fale : arc we laid he to keep the public debts hanging about out necks for ever ? we are told that the wcllern country may hereafter be come the centre of government : the propofals already made lew that the lands are valuable ; and if propofals con tinued as n'pklly as they appeared to indicate we flibuld fo'onbe able to pay oil the whole debts of the united state mr boudinot till contended that by bringing too much into murker the va lue would be depreciated : but mr scott f;ml that it was now at its value and il we wait until it rifes,we may never be able to fell he contemplated with pleafurej the profprcl of getting lie jone-tpird of'the debtexiinguiflied with out taking a farthing out of any man's pocket the wildernefs aid lie will pay our debts he concluded by nflert ing t hat v lien the houfe confidercd theft things he was convinced they would reject the piopolition of the gentleman from rew-jerfey on motion of mr fitz.fimons the committee rofe *\ that for every hundred clolhrs fubtcnbed payable in the faid debt as well intereft as principal ti-ie fubferiber be entitled at his option either " to have two-thirds funded at an annuity or yearly iniereft of fix per cent redeemable at the plcafiirc of go vernment by payment of the principal ; and to receive the other third in lands of the weftern territory a the rate of twcn'.y cents per acre or - tliice other alternatives alfo make apart of the lixth refolution ; but the houfe appeared to lake the fin'l alterna tive feparatcly under confideration when mr boudinot rofe and oppofed it as leing a mealure which would gre uly injure the value oi land he mated feveral objcaionr and faid it would have l>cen more fyllcmatic to have ap pointed a board of con:mi(licners to dif pnfe of the weftern tcni'.oiy the pro duce whereof would anfsver better in discharging c di.!its than any other medium he therefore propoied to fubltttute a refolution in place of the firll alternative to wit " that four per cent be funded and tlie remainir g two percent be paid by a cenitfeate pay able in ten years and bearing an inte rest of fix per cent which certificate rnight ealily be redeemed with the pro duct of thefalcs of the wcilrrn territory mr hartley feconded mr boudinot's motion mr tucker objcflcj lo the fifth refn lutlohi and every iiibfequcnt one he faid that the ecretary of the treafury in making tliis propofal had materially departed from the honourable princi ples laid down in the beginning of his report he thought it would be better *â€¢ to h;ive flic li part of the debt as the reiburdes of the country would permit funded at the intereft of fix percent per annum if land faid he be a juft equivalent to pay one-third furely land is as juft an equivalent to pay the vhole the alternative prcpofed he thought altogether inconflftent with corr.nion juilice and therefore moved to flrike opt all the words in tlie propo iiiiun alter " option and lo fubftitute the report of jnfcpli nburfe rcpfier of the treafury of the united states on the memorial of robert mori is l.itci'u perintendant of finance was read get ting forth that he had made inquiry iiiin the cafe and be had found that the accounts of the faid robert morris had been regularly regillred and fettled fomc time paft a-printed ftatcmeni 1m ocen deliver ed ind proper invefligajion already made out which render it unncceftary lor congrefs to order any commifiloners on the bufinefs or create any new expenfe the faid accounts were doled the iit